How COVID has Impacted 2020 Tri-County Real Estate Sales

Lance Evans

The first six months of 2020 have been an up and down roller coaster for real estate.  After being slightly down in 2018, overall property sales (including residential, land, multi-family and commercial properties) in Jefferson, Lewis, and St. Lawrence Counties were generally higher in 2019. This lead to optimism that 2020 would also be a good year.  

     In 2019, tri-county property sales totaled more than $370 million with residential real estate sales topping $335 million. In terms of units sold, residential real estate (single family homes and condominiums) makes up eighty to eighty-five percent of real estate activity for Realtors in the tri-county area.  

    The first quarter of 2020 was strong with overall sales up 7.6 percent for members of the Jefferson-Lewis Board of Realtors and more than 31 percent for members sold by St. Lawrence County Realtors.  Similarly, residential sales were up 12.7 percent for the Jefferson-Lewis Realtors and about 30 percent for St. Lawrence County members.  

    With the mandatory shutdown of the industry in mid-March, real estate came almost to a halt.  In early April, real estate professionals were allowed to start limited activity including virtual showings and remote transactions.   In person meetings, including showings and open houses, were prohibited.  This severely limited how real estate could be done in the state and area.    

    One thing to keep in mind is that after a purchase contract is signed, the average length of time until the sale closes in New York State is normally sixty – ninety days.   This means that a number of the second quarter closed sales were from contracts signed in the first quarter.   

    Until a property closes, it is considered “under contract” or pending.  While time to closing is not tracked, the “days on the market,” or DOM, (the number of days from when a listing contract is signed until the purchase offer has been accepted by both parties) is noted.  

    During the second quarter (April 1 – June 30), members of the Jefferson-Lewis Board of Realtors sold 15 percent fewer properties overall compared to 2019 and residential sales were down almost 20 percent. For the first six months, sales of all properties are down about 6% and residential sales are down about 7 percent. While the median price of properties dipped for the first six months, the DOM dropped by more than three weeks for all properties and two weeks for residential sales.  

    The story was similar with members of the St. Lawrence County Board of Realtors.   After the first quarter surge of more than 30 percent for all property sales, the second quarter dipped by about 27 percent to bring sales down by six percent for the period of January -June.   The median price went down also and DOM rose slightly.  

    Residential sales for St. Lawrence County members also dipped in the second quarter by 33 percent after being up in the first quarter by 30 percent. Overall, residential sales are down almost 12 percent compared with 2019.   The median price is down slightly and DOM is up about three weeks.  

    Real estate has picked up since our area entered phase two of reopening in late May.   In June and July about 220 residential properties listed by St. Lawrence County Realtors went under contract compared to 198 for the same period in 2019.   Jefferson-Lewis members have also been busy with about 350 pending listings for June and July compared to the 213 in 2019.  Agents are also reporting more properties being listed and are busy with showings.  

    Another sign of increased activity is that it is taking longer to schedule an appraisal or home inspection after the property goes under contract.   Appraisers work with the lenders to be sure that a property is worth the price in the contract.   Meanwhile, future property owners want to make sure there are no surprises or hidden flaws in the property and employ a home inspector.   Due to the increased activity, both of these professions are in high demand.  

    As of now, our area has survived the COVID pandemic fairly well.   For the most part, our residents have stayed healthy.  If this continues, real estate should be able to recover and the year will finish up strongly.   This will be good for everyone as real estate is one of the prime drivers of our economy. 

Realtor Association Awards, Inaugurate Boards of Directors

Lance Evans

December marks the end of the elected year for both the St. Lawrence County and the Jefferson-Lewis Boards of Realtors.  Both held their annual meetings which included the election and inauguration of new officers and directors and honoring those departing the Board of Directors. It also is the time of year that various awards are given and funds are raised for various community organizations.

St. Lawrence County Board of Realtors

    The St. Lawrence County Board of Realtors marked the end of the year with a lunch at the Gran View Restaurant in Ogdensburg on Dec. 14.  The occasion included awarding the Association’s first ever Realtor of the Year and Affiliate of the Year, a very successful auction conducted by Scott Boyer with proceeds going to area Neighborhood Centers, as well as inaugurating the 2019 Board of Directors.

    The Affiliate of the Year award is given to a non-Realtor member or member company.  Affiliates include bankers, lenders, home inspectors, media companies, etc. who have an interest in the real estate industry, but are not licensed to sell or appraise real estate. The award was given to Julie Derrigo-Inschert of Fairport Mortgage. Julie, a member for almost 30 years, was praised as having a high degree of knowledge about the industry, treating real estate buyers as VIPS, and having a level of commitment, professionalism, and compassion that makes her an asset to her profession.

    St. Lawrence County’s Realtor of the Year award is given to a realtor member (broker, appraiser, associate broker, or salesperson) who has made contributions to the realtor profession and their community.  This inaugural award was given to Jennifer Stevenson, broker-owner of Blue Heron Realty in Ogdensburg.  A member since 1990, Jennifer has held many offices locally including several terms as president. She served as the Adirondack Region Vice President for the NYS Association of Realtors (NYSAR) from 2009-2010, the 2018 NYSAR Secretary-Treasurer, and will be NYSAR’s President-Elect in 2019.  Jennifer also serves on the Ogdensburg City Council and has been president of her Rotary Club, president of Ogdensburg’s Chamber of Commerce, and is active in the SPCA.

    Jennifer Stevenson, in her capacity as a NYSAR Officer, also oversaw the inauguration of the 2019 Board of Directors. The 2019 President will be Richard J. Wood.  The rest of the team will be Brittany Matott (vice president), Elizabeth Trego (treasurer), Doug Hawkins (secretary), Debbie Gilson (immediate past president), Wendy Smith (state director), and three-year directors, Gail Abplanalp, Tracy Bernard, and Joel Howie.  Also recognized during the lunch was Amanda Kingsbury who served as Treasurer in 2017 and 2018.

Jefferson-Lewis Board of Realtors

    The Jefferson-Lewis Board of Realtors held its holiday dinner and inauguration on the evening of Dec. 13 at Watertown’s Hilton Garden Inn. Music for the evening was provided by Chuck Ruggiero.  During the dinner, the departing members of the Board of Directors were recognized, the 2019 Board of Directors were installed by NYSAR Central Region VP Don Radke, an Affiliate of the Year was named, and an auction was held which benefitted several charities including the Salvation Army, Watertown Urban Mission and Hospice.

    Northern Credit Union was recognized as the 2018 Affiliate of the Year.  Some of the reasons cited were their support for programs put on by the Realtor Association and the Women’s Council of Realtors Network, as well as their employees’ professionalism, knowledge, responsiveness, and enthusiasm.

    The Jefferson-Lewis Board will be led by Alfred Netto as 2019 President.  He will be assisted by Britt Abbey (president-Elect), Katharine Dickson (vice president), Mary Adair (treasurer), Nancy Rome (recording secretary), and Desiree Roberts (corresponding secretary). Rounding out the leadership team will be three-year directors Elizabeth Miller, Cindy Moyer, and Vickie Staie as well as one-year directors Daniel Bossuot and Michael Hall and State Director Walter Christensen.  Honored for their service as they departed the Board were Lisa Lowe (corresponding secretary) and Randy Raso (three-year director).

LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at levans@nnymls.com. His column appears monthly in NNY Business.

Why Homeownership Matters

Lance Evans

June was National Homeownership Month which recognizes the value of homeownership and its positive impact on families, communities and the nation’s economy.   An annual celebration, it allows a time to celebrate and promote the American Dream of homeownership and identify the many benefits of owning that roof over your head.

                “Most consumers know that homeownership is among the most sound investments an individual can make to begin building their personal wealth. However, owning a home is not just in the best interest of the homeowner. Homeownership provides social stability, builds communities and is a driving force for the national economy,” said Richard J. Wood, St. Lawrence County Board of Realtors president.

                Surveys back this up.   Recently, the National Association of Realtors released its Housing Opportunities and Market Experience (HOME) survey for the second quarter.  It showed that a high number of Americans, 75 percent, believe that now is a good time to sell a house, while 68 percent think it is a good time to buy.   The survey also found that a majority of consumers believe prices have and will continue to increase and that homeownership strengthens our nation’s communities.   In fact, two-thirds of consumers said that homeownership strengthened communities a great deal. Only 10 percent responded “not really.”

                Below are some of the benefits of reaching the American Dream:

  • Social stability: Improved educational performance, lower crime rates and improved health are a few social benefits linked to homeownership. “Homeownership allows households to accumulate wealth, which opens doors to more engagement in communities through volunteer work, involvement in social activities and electoral participation,” observed Jefferson-Lewis Board of Realtors President Vickie Staie.
  • Strong communities: Homeowners tend to stay in their homes longer than renters, dedicate more money to improve their home and are more engaged in enhancing their community. Mr. Wood added that “homeowners are often more invested in their home and their surroundings, which leads to stronger neighborhoods and communities and increased interaction between neighbors.”
  • Economic force: Being a homeowner also has a positive local and national economic impact. That is because homeownership creates jobs through remodeling, landscaping, lawn service, furniture and appliances, home improvement and real estate services. When a home is sold in the United States, the income generated from real estate-related industries is over $20,000 and additional expenditures on consumer items is about $4,500, which aids the economy.
  • Brings families together: Along with being more involved in their communities, homeowners are often active and connected to their own families. Family dinners and game nights at home could mean a more-connected, happier family.

                Ms. Staie remarked that “home is where people make memories and feel comfortable and secure.  Celebrating homeownership is an opportunity to reiterate that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream and enjoy the many benefits that come along with it.”

                For more information about buying or selling a home, visit www.slcmls.com (St. Lawrence County Board of Realtors) or www.nnymls.com (Jefferson-Lewis Board of Realtors).   Both list the member Realtors in our area.


                The Jefferson-Lewis Board of Realtors recently launched a new version of its public website.   This is the first major overhaul in several years and brings new functionality to the search for a property in our area including the ability to search listings by a variety of methods including map tools, filtering by geography and features, searching by listing agent, etc.   Users can also access the websites of area school districts, read real estate news, and find many helpful links. 

                St. Lawrence County Board of Realtor members have a new tool to assist them in working with clients.   The Association recently signed on with ZipForms, a provider of digital real estate forms.   ZipForms allow agents to seamlessly integrate and manage all the documents needed for a transaction from listing to the closing.   These can be shared with clients, customers, other real estate professionals, loan officers, and attorneys.   The documents can be signed electronically, also. 

LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at levans@nnymls.com. His column appears monthly in NNY Business.

Airbnb Brings Income, Commerce to the North Country

Pictured here is a screen grab from the AirBnb website, www.airbnb.com. When you visit the website, you can search for places to stay and activities across the world.

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2018 Housing Market Landscape: Majority believe good time to buy, sell

LANCE EVANS

The winter months in the north country are traditionally a slow time for real estate. It is a good time for people to reassess their housing situation.  For instance, is it time to downsize, time to get a bigger home, buy a second property, or stop renting? Potential buyers and sellers can also reflect on last year’s housing market data and examine the 2018 outlook so they can better prepare themselves for entering the market and buying or selling a home.

    Nationally, home sales and prices both increased in 2017.  In 2018, national existing-home sales are projected to be unchanged from 2017, at about 5.5 million sales, after rising the past three years, and the median home price will edge up only about 2 percent. One of the biggest challenges in 2018 will continue to be the low levels of homes available for sale.

    Regionally, the story was slightly different.  According to figures from the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors, all three counties (Jefferson, Lewis, and St. Lawrence) experienced stronger single-family home sales in 2017 than the previous three years.  In fact, unit sales were up 6 to 12 percent over 2016 and 25 to 3 percent over 2014. In addition, the number of homes for sale has declined year over year, which corresponds to the national picture.

    However, all three counties experienced a decline in median price, with St. Lawrence County having the smallest decline and Lewis County the largest.  The average price has also declined.  Some of this is due to an increase in homes sold through foreclosure. 

    The National Association of Realtor’s Housing Opportunities and Market Experience (HOME) survey tracks topical real estate trends and renters and homeowners’ views and aspirations regarding homeownership.  Released in December, the quarterly survey showed that at the end of 2017 a smaller share of homeowners believed that now is a good time to buy or sell a home, even with strong job creation and faster economic growth in the last months of 2017.  Optimism that now is a good time to buy has slipped from 62 percent in the third quarter of last year to 60 percent, up from 57 percent in December 2016.

    The report also found that 76 percent of homeowners think now is a good time to list their home for sale, which is down from last quarter (80 percent) but up from a year ago (67 percent). 

    This data should help potential buyers and sellers better understand the market environment and know what to expect in 2018.  Working with a real estate professional, they can apply the lessons learned from the past year and expectations for the year ahead to achieve their home buying and selling goals.


    In early February, fifteen Realtors from the Jefferson-Lewis and St. Lawrence County Boards of Realtors and I attended the New York State Association of Realtors (NYSAR) Mid-Winter Leadership Conference and Business Meetings at the Desmond Hotel in Albany.  We joined over 450 other attendees from around the state for meetings and informational sessions designed to enhance and advance real estate in New York and around the country.

    During the conference, Jennifer Stevenson (Blue Heron Realty, Ogdensburg) was sworn in as NYSAR’s 2018 secretary-treasurer.  This puts her in line to be NYSAR’s president in 2020.  As secretary-treasurer, Ms. Stevenson will oversee the finances of the State Association, chair NYSAR’s Investment Committee and Budget & Finance Committee, serve on the Executive Committee, and be part of the elected leadership team joining President CJ DelVecchio of Ithaca and Moses Seuram of Flushing.

                In addition, Lisa L’Huillier (Hefferon Real Estate, Watertown) was sworn in for a second term as governor for the state’s Women’s Council of Realtors (WCR) Network.  Ms. L’Huillier, a past president of both the local and state WCR networks, will work with the WCR networks in Buffalo, Rochester, Albany, as well as the local tri-county network.

LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at levans@nnymls.com. His column appears monthly in NNY Business.

 

Thriving Successfully in A Real Estate World

AMANDA MORRISON / NNY BUSINESS
Lori Nettles, right, and Tania Sterling, left, own their own real estate firm, TLC Real Estate.

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ESPRI Taking Shape in Helping Reduce Area Poverty

Eric J. Hesse, right, New York State Division of Veterans Affairs director, earlier this year met with community advocates during a training session for the Watertown Empire State Poverty Reduction Initiative. Hesse, a retired colonel who spent 10 of his 26 years in the military at Fort Drum, outlined the state’s role in helping the local ESPRI effort. Meeting with him were task force chairs, left to right, Kevin Hill, Workforce Development, Krystin LaBarge, Education, Carolyn Mantle, Education vice chair, John Bonventre, Transportation, and Angie King, Housing.

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Realtors Meet with State Legislators

 

Lance Evans

Last month I wrote about our meetings with our United States senators and congresswoman in mid-May. Several days after returning, a number of area Realtors and other interested parties went to Albany to meet with our state representatives on May 23 about several state-specific issues of interest to area homeowners. This was part of the New York State Association of Realtors’ annual Lobby Day. Over 250 Realtors from around the state participated.

    The Tri-County area was represented by Linda and Pat Fields (Linda J. Fields Broker and Professional Institute for Real Estate Training), Lisa L’Huillier (Hefferon Real Estate), Karen Peebles (Berkshire Hathaway HomeServices CNY Realty), Chuck Ruggiero (Hefferon Real Estate), Cheryl Schroy (Key Bank), Vickie Staie (Staie on the Seaway Real Estate Services and Appraisals USA), and Jennifer Stevenson (Blue Heron Realty) along with me. During the day, we met with Senators Joe Griffo (47th District), Betty Little (45th District) and Patty Ritchie (48th District). In addition, we had meetings with members of the Assembly Will Barclay (120th District), Ken Blankenbush (117th District), Marc Butler (118th District) and Addie Jenne (116th District). We informed them about the current housing market and our stances on several issues.

    We began by talking about the NY First Home Program. This is a first-time home buyer savings account program introduced by Senator Little and Assemblyman Phil Ramos (6th District). If passed into law, it would create a new tax-free savings account modeled after the State’s 529 College Savings Program. NY First Home would help New Yorkers achieve the dream of homeownership by creating a dedicated savings account to be used exclusively to cover costs associated with the purchase of a first home in New York state, whether that is a single family residence, condo, cooperative apartment or townhome.

    Using this program, New Yorkers could cover costs associated with the purchase of a first home using this dedicated savings account to deposit up to $5,000 ($10,000 for couples) of after-tax dollars annually, receive a state income tax deduction on the principal investment and grow savings tax-free, and then apply the savings and interest towards the purchase of a first home in New York state.

    The largest inhibitors for hopeful first-time home buyers in New York state are the initial up-front closing costs and high down-payment requirements. Enactment of NY First Home would provide New Yorkers with a practical savings mechanism to make buying a first home more affordable in New York state. This incentive would also have a positive effect on retaining young people in the state and provide a boost to local and state economies.

    A Sienna Research Institute poll in December 2016 found that 84 percent of New Yorkers supported NY First Home and 80 percent agreed that the governor and Legislature should make assisting New Yorkers in saving for a first home a priority.

    This bill passed the Senate during the 2016 session and is working its way through both houses in 2017.

    Our second issue concerned reinstating the STAR Exemption Program and sunset the School Tax Relief credit program that was written into law last year. Although both called “STAR,” the two programs work differently. The previous version provided immediate or “upfront” reductions in school taxes for homeowners.

    The change in 2016 to the STAR credit program led to confusion with new home buyers unsure of whether or not they would see the upfront savings as an exemption or be mailed a check under the credit program. In the worst instances, many homeowners received STAR credit checks later than when their school taxes were due, making it difficult to pay the full school tax bill. It is also still unclear from the Department of Tax and Finance whether or not future STAR credit checks will be taxed as income. This legislation would return the STAR program to a predictable upfront tax benefit to New York’s homeowners.

    The legislation has passed the Assembly and is working its way through the Senate.

    Realtors will continue to watch these issues and advocate for current and future New York property owners with our federal, state, and local officials.

LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at levans@nnymls.com. His column appears monthly in NNY Business.

Realtors Advocate For Property Owners and Buyers

Lance Evans

The month of May saw Realtors from our area join their counterparts across the state and nation to advocate for consumer friendly real estate issues and oppose measures that would hurt property owners and buyers.

    During the week of May 15 to May 20, the National Association of Realtors (NAR) held its annual Legislative Meetings & Trade Expo in Washington, D.C. Attended by approximately 8,500 attendees from across the country and around the world, the week included about 200 meetings and events that covered many real estate topics and allowed Realtors to take an active role in advancing the real estate industry, public policy, and the Association. 

    The tri-county area attendees included Jennifer Dindl (Humes Realty and Appraisal), Carolyn Gaebel (Bridgeview Real Estate and Gaebel Real Estate Services), Lisa L’Huillier (Hefferon Real Estate), Brittany Matott (County Seat Realty), Al Netto (Weichert Realtors, Thousand Islands Realty), and Jennifer Stevenson (Blue Heron Realty), along with myself. During the week there were NAR and Women’s Council of Realtors committee meetings, idea exchanges with other Realtors and staff, and information and updates that will assist all of us in better serving the area’s real estate consumers.

    On May 18, we met with Congresswoman Elise Stefanik and joined colleagues from around the state while meeting with Senator Kirsten Gillibrand and Senator Charles Schumer. We focused on three main issues.

    The National Flood Insurance Program (NFIP), of particular interest to our area, is slated to expire on September 30. Without reauthorization, NFIP cannot issue or renew policies in 22,000 communities where flood insurance is required for a mortgage. The NFIP was created to provide incentives for communities to rebuild to higher standards and steer development away from flood zones. In exchange, communities gain access to flood maps, mitigation assistance and subsidized insurance to prepay for future damage and recover more quickly from flooding. The NFIP was last up for reauthorization in 2008. There were 18 short-term extensions and a two-month shutdown before Congress reauthorized the program in 2012.

    We asked our representatives to pass the “Flood Insurance Market Parity and Modernization Act,” which passed the House unanimously last year, and to enable consumers to meet federal requirements with private plans that often offer better coverage at a lower cost than the NFIP.

    Tax reform was also on our list of issues. While no tax reform legislation had been introduced as of our meetings, there were several plans that had been discussed. Some of these would lower tax rates and raise the standard deduction, but would pay for these changes by scaling back existing real estate tax provisions. Proposals that limit itemized deductions, even if not directly changing rules applicable to mortgage interest, could have serious negative consequences for homeowners. 

    PricewaterhouseCoopers (PwC) analyzed a blueprint-like tax reform plan and noted that home-owning families with incomes between $50,000 and $200,000 would face average tax hikes of $815 in the first year after enactment, while non-homeowners in the same income range would see an average cut of $516. Currently, homeowners pay 83 percent of all federal income taxes, and this share would go even higher under similar reform proposals. Homeowners should not have to pay a higher share of taxes because of tax reform.

    Further, proposals limiting tax incentives for homeownership would cause home values everywhere to plunge. Estimates provided by PwC show that values could fall in the short run by more than 10 percent, with a larger drop in high-cost areas. It might take years for home values to rebound from such a significant decrease.

    The final issue we spoke about was protecting sustainable homeownership.   We asked our representatives to responsibly reform the secondary mortgage market. Failure to do so, while limiting costs imposed on homeowners, ensure proper loan disclosures, and fund necessary system upgrades for federal housing programs hurts the very fabric and underpinnings of our society.

    Fannie Mae and Freddie Mac act as a backstop for mortgages and help to safeguard 30-year, fixed rate mortgages ensuring families are not shut out of homeownership. We asked that these entities not be dismantled without identifying a viable replacement.

    The week was productive and informative. It is important that our representatives hear from Realtors advocating for property owners. The information we received at the meetings will assist us as we work for housing opportunities in the area.

LANCE M. EVANS is the executive officer of the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors. Contact him at levans@nnymls.com. His column appears monthly in NNY Business.

To Buy or Rent, That is the Question!

Lance Evans

A recent Watertown Daily Times article cited a study by SmartAsset comparing average rent to home prices by county nationwide.
    In New York state, Jefferson County ranked 8th in terms of being more viable to buy than rent. According to the study, the break-even point, the point when the amount paid in rent exceeds the cost of purchasing a home, is 1.4 years. For the comparison, SmartAsset used an average price of $222,146 for a Jefferson County home with an average monthly mortgage of $558 versus an average monthly rent of $1,492.

    A little lower on the list was Lewis County at 22nd with a break-even point of two years. The average home price used was $178,887 with a monthly mortgage payment of $464 and $1,066 monthly rent.

    Coming in at 33rd in the state was St. Lawrence County. Using an average home price of $138,283, a monthly mortgage payment of $346 and monthly rent of $1,105, SmartAsset estimated that the break-even point was a little over two years.

    For the analysis, SmartAsset assumed a mortgage rate of 4.5 percent, closing costs of $2,000, and a 20 percent down payment when it created the above comparisons. A higher rate, a lower down payment, etc. would change these calculations.

    A similar study, done by ATTOM Data solutions came out in January 2017 and noted that in about two-thirds of the nation’s counties, it is more affordable to buy a home than rent. ATTOM compared rents of fair market three-bedroom properties to the monthly payments on median priced homes in 540 counties. The calculations included the cost of mortgages, property taxes, and insurance. The report also noted that in about a quarter of the markets surveyed, rents are surging faster than home prices.  In fact it noted that, on average, rents for a three-bedroom property rose 4.2 percent nationwide.   

    While ATTOM did not look at St. Lawrence or Lewis counties, Jefferson County was included.   Like SmartAsset, ATTOM found that it was more affordable to buy than rent in the county. They estimate that a buyer will spend about 26.8 percent of the average wage when buying a median priced home ($129,000) in Jefferson County while it takes 44.8 percent of wages to rent a three-bedroom dwelling at a median rent of $1,492. ATTOM’s study showed that in other areas of the state, for instance many of the Hudson River Valley markets, it is less expensive to rent.

    The analysis incorporated recently released fair market rent data for 2017 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and public record sales deed data from RealtyTrac in counties with at least 900 home sales in 2016.

    A third analysis by realtor.com showed that in all three counties, it is less expensive to buy than rent. In fact, Jefferson and St. Lawrence counties are numbers three and four in the state with Jefferson County buyers using twenty-two percent of income while renters used thirty percent. St. Lawrence County had a narrower gap of 6 percent with a buyer needing to spend 16 percent of income to buy and 20 percent to rent. Lewis County was also less expensive to buy with a 2 percent gap.

    Clearly, it is currently less expensive to buy than to rent in our area. So what should you do? Look at your circumstances including income and debt, consider the alternatives, and if you think you might be interested in buying a property, check with a mortgage professional and an area Realtor.

    Jennifer Stevenson, licensed real estate broker and owner of Blue Heron Realty in Ogdensburg, has been nominated as 2018 secretary-treasurer of the New York State Association of Realtors (NYSAR) a not-for-profit trade organization representing more than 53,000 of New York State’s real estate professionals.

    Ms. Stevenson, a member of the St. Lawrence County Board of Realtors since 1989, has served in many capacities at the local, state, and national levels of the Realtor Association. She is a past president of the St. Lawrence County Board of Realtors and served on the Association’s board of directors for over 25 years. In addition, she has chaired several NYSAR committees, and participates in the National Association of Realtors meetings. Locally she serves on the Ogdensburg City Council, is active in Rotary, and participates on St. Lawrence County’s Fair Housing Task Force among other activities. The elections will take place on September 27 at the NYSAR Board of Directors meeting.